OctaFX shares 10 tips for safe online trading

In 2021, bank fraud losses in the Philippines reached a staggering $17 million (P937 million), and credit card fraud surged by 21% since the start of the pandemic. A concerning report projected that cybercrimes might result in a massive $10.5 trillion (P578.7 trillion) loss worldwide each year by 2025. Additionally, crypto-related hacks and frauds further compromise trust, with a global total of $428 million (P23.6 billion) in Q3 2022.

With the increasing popularity of online trading, it is essential for traders to be well-informed about the potential risks and best practices to safeguard their investments. Recognizing this need, OctaFX has created a step-by-step guide that covers all aspects of safe trading, empowering traders to make informed decisions and protect their capital.

To avoid scams, follow these tips:

1. Verify your email addresses
2. Download apps from official stores
3. Avoid granting access to any third-party applications
4. Use VPN
5. Update your apps
6. Avoid visiting suspicious URLs
7. Log in to official websites only
8. Do not grant any app permissions
9. Avoid being insatiable
10. Never share your password, PIN, or account credentials with anyone even when it seems like a good idea

Dynati, a crypto and forex trader, in an episode of UsapangFX, shared tips to new traders such as starting small to make better decisions, investing in only what you can afford to lose, and trading logically not emotionally, among other pieces of advice.

Traders can access OctaFX’s UsapangFX through this link and take the first step toward becoming a more informed and confident trader.

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Editor’s Note: This article was provided by OctaFX.